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Week in review: 6 - 10 January

This week saw Peter Wyman, ICAEW president, voice his opinion on a number of key auditing topics, while one FD went to jail and it was revealed that the level of non-audit fees paid by FTSE-100 companies fell for the first time in six years.

Also on Tuesday, Gerald Waterworth, the former finance director of Scarborough Building Society who pled guilty to theft and false accounting, started an 18-month jail sentence

Wednesday, sister title Financial Director revealed the level of non-audit fees paid to auditors by FTSE-100 companies has fallen for the first time in six years.

Meanwhile, charity finance directors hit out at the government for failing to address the vast sum of irrecoverable VAT in new legislation currently under consultation.

On Thursday a slowing economy, possible property price falls and the threat of war may not seem the ideal way to start the new year but finance directors were still confident of their companies’ prospects for the coming 12 months.

Friday, our parliamentary staff revealed that the Labour Party is to overhaul is central accounting procedures and improve training in such matters for local party treasurers after an internal audit showed that 120 separate constituency parties have broken the law on gifts.

And Accenture, the world’s largest consulting firm, reported a drop in its revenues and issued a warning of the speed of any recovery in the consultancy market.